ProShare Advisors LLC Decreases Stake in Regal Rexnord Co. (NYSE:RRX)

ProShare Advisors LLC lowered its stake in Regal Rexnord Co. (NYSE:RRX) by 9.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 200,925 shares of the company’s stock after selling 20,069 shares during the period. ProShare Advisors LLC owned 0.30% of Regal Rexnord worth $31,169,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in RRX. Chesley Taft & Associates LLC raised its holdings in shares of Regal Rexnord by 5.8% in the fourth quarter. Chesley Taft & Associates LLC now owns 9,095 shares of the company’s stock worth $1,411,000 after buying an additional 500 shares during the last quarter. First Citizens Bank & Trust Co. purchased a new position in shares of Regal Rexnord during the fourth quarter worth $213,000. KBC Group NV raised its holdings in shares of Regal Rexnord by 1,136.7% during the fourth quarter. KBC Group NV now owns 22,199 shares of the company’s stock worth $3,444,000 after purchasing an additional 20,404 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Regal Rexnord by 9.4% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 35,485 shares of the company’s stock worth $5,505,000 after purchasing an additional 3,058 shares during the last quarter. Finally, Hantz Financial Services Inc. raised its holdings in shares of Regal Rexnord by 4.2% during the fourth quarter. Hantz Financial Services Inc. now owns 104,273 shares of the company’s stock worth $16,176,000 after purchasing an additional 4,157 shares during the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on RRX shares. StockNews.com cut shares of Regal Rexnord from a “buy” rating to a “hold” rating in a report on Wednesday, April 16th. Oppenheimer dropped their price target on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Robert W. Baird raised their price target on shares of Regal Rexnord from $167.00 to $172.00 and gave the company an “outperform” rating in a research report on Wednesday, May 7th. Barclays raised their price target on shares of Regal Rexnord from $155.00 to $160.00 and gave the company an “overweight” rating in a research report on Monday, May 12th. Finally, Citigroup raised their price target on shares of Regal Rexnord from $110.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $171.25.

Insider Buying and Selling

In related news, CEO Louis V. Pinkham sold 10,593 shares of the business’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $140.33, for a total transaction of $1,486,515.69. Following the transaction, the chief executive officer now directly owns 175,954 shares in the company, valued at approximately $24,691,624.82. The trade was a 5.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.82% of the stock is currently owned by company insiders.

Regal Rexnord Stock Up 1.3%

Shares of NYSE RRX opened at $141.52 on Friday. The company’s 50-day simple moving average is $114.03 and its 200-day simple moving average is $141.65. Regal Rexnord Co. has a 52-week low of $90.56 and a 52-week high of $185.28. The firm has a market cap of $9.39 billion, a price-to-earnings ratio of 47.97, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The company has a quick ratio of 1.25, a current ratio of 2.26 and a debt-to-equity ratio of 0.87.

Regal Rexnord (NYSE:RRX) last announced its earnings results on Monday, May 5th. The company reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.33. Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter last year, the business earned $2.00 earnings per share. The company’s revenue for the quarter was down 8.4% compared to the same quarter last year. Equities analysts predict that Regal Rexnord Co. will post 9.95 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 14th. Investors of record on Monday, June 30th will be given a dividend of $0.35 per share. The ex-dividend date is Monday, June 30th. This represents a $1.40 dividend on an annualized basis and a yield of 0.99%. Regal Rexnord’s payout ratio is presently 39.89%.

Regal Rexnord Company Profile

Regal Rexnord Corporation manufactures and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.